Invicta hOLDINGS
MARC HASENFUSS: Wi(e)se words
Invicta's AGM was a 'squirmfest' for your intrepid reporter. But there was value to be had
Last week I attended the AGM of industrial supplier Invicta Holdings. I soon wished I’d stayed at home.I recently wrote a Financial Mail cover story on the company — highlighting a difference in perceptions, between its executives and some minority shareholders, around the detail issued on a reportable irregularity raised on part of a share re-purchase exercise.At the AGM, Invicta chairman and major shareholder Christo Wiese was adamant that my story had made a mountain out of a molehill. I have always attended AGMs as a silent observer, the business of such meetings belonging exclusively to shareholders. But I found myself being questioned by Wiese on matters such as the cover story’s headline and other issues.I can’t remember enjoying an AGM less. Then again, I suppose those who regularly call for accountability must in turn be prepared to account for their own actions.Thankfully there was not a crowd at the AGM. But let me say this: having known Wiese for more than 20 years and h...
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